Crypto market PSAR (cPSAR)

This indicator calculates the PSARs of the most liquid cryptocurrencies (as percent differences from the prices) and sums them together .

The PSARs under the closes, which act as support, are summed separately and shown in green. The PSARs over the closes (acting as resistance) are summed separately and shown in red.

The result is an indicator which can be interpreted somewhat like the RSI (but keep in mind that PSAR is a lagging indicator unlike the RSI which is a leading indicator). By interpreting this correctly you can - SOMETIMES - predict the short-term turns of the entire crypto market.

Many traders use the prices shown by PSAR ( Parabolic Stop And Reverse ) to set stop loss prices and/or to take profit and reverse their positions. This is why, on reversal of the PSARs (= when one of the red or green values becomes visibly larger than the other), a strong turning of the market can, sometimes, occur.
Release Notes: Minor update
Release Notes: Minor update
Release Notes: Minor update again. I keep updating because the picture of the indicator isn't showing correctly.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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rsi is one of the most trash over valued indicators in existence. topped only in whiteness by stochRSI MFI and the real king of all turds ADX
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